I would bet that the cost of the land is contributing to the $4M cost - although that does still seem high.. but I'm not super familiar with Truckee market. 

I would bet your money is gone and the agreement to invest was fake.

This gives you more flexibility while building equity and gaining experience.Risk Spread: More units mean a lower risk of vacancy impacting your overall revenue.

The seller retains legal title until the contract is fulfilled.Advantages:Lower Upfront Costs: You can avoid closing costs typically associated with formal closings.Control: You can take control of the property to make repairs and sell it while leaving the original financing in place.More Flexibility: Compared to a novation, a land contract offers you more control over the property since you hold equitable interest.Risks:Seller’s Cooperation: The seller retains legal title, which can complicate things if they change their mind or their financial situation worsens.Resale Issues: FHA buyers may require the deed to be in your name for 90 days before they can purchase, which could slow down your resale plans.Subject-To FinancingHow It Works: In a subject-to deal, you take title to the property while the seller’s existing mortgage stays in place.

I think I could manage 15 or so properties if I had to with a full time job, but obviously need some flexibility in job and contractors you must trust. 

I bet they are getting a barrage of leads right now with many motivated sellers looking to sell their homes to anyone.

And some are reasonable at both of these things, but can't handle owner-occupied units, or multiple ownership structures, or lack the flexibility to track a real-estate related side hustle.

Having  more flexible cancellation policies, having good reviews, offering discounts, updating listings periodically, not cancelling on people, etc

Denver definitely is a commuting city, but the surrounding areas also have their own business hubs so lots of them are a good bet.

As long as you are willing to play the long game you don't really have a reason to be overly nice or flexible with this tenant.